ST. PAUL, Minn. (KMSP) - Minnesota United FC’s new Major League Soccer stadium will be named Allianz Field, the team announced Tuesday morning.

At a press conference, Minnesota United and Golden Valley-based Allianz Life Insurance Company announced a multi-year naming rights sponsorship for the new stadium in St. Paul’s Snelling-Midway neighborhood. The $150 million stadium is being privately paid for by Minnesota-based families and business leaders.

The 20,000-seat stadium and surrounding development will take up approximately 12 city blocks. Developers hope it will act as community anchor for the area, with residential, retail and office space also part of the plans.

The team officially broke ground on the stadium last December. It is expected to be complete during the Loons’ 2018 season.